Rising demand for energy-efficient air conditioners and steady expansion of the e-Commerce sector in developing countries are key factors driving market revenue growth
NEW YORK, Oct. 21, 2021 /PRNewswire/ -- The global air conditioner market size is expected to reach USD 187.62 billion in 2028 and register a revenue CAGR of 5.5% during the forecast period, according to a latest report by Reports and Data. Market revenue growth is primarily driven by rising demand for energy-efficient air conditioners. Governments of various countries are implementing higher efficiency standards for cooling, which is resulting in rising sales of energy-efficient air conditioners. This is also expected to reduce emissions. In addition, availability of cleaner power sources can radically reduce overall emissions. Governments are also taking initiatives to increase public awareness in different regions regarding the environmental impact of air conditioners. Expansion of the e-Commerce sector, especially in developing countries, is expected to boost market revenue growth during the forecast period. Availability of favorable discounts and a wide range of products on e-Commerce portals and advantage of easy price comparison of air conditioners are factors augmenting sales through online channels.
Furthermore, increasing adoption of smart homes and appliances is boosting demand for smart air conditioners. These units can be operated and monitored through a smartphone, which makes operation more efficient and convenient. Smart air conditioners are integrated with smart sensors and can be used with wearable devices, and are designed to detect human activity and temperature during sleep to determine sleeping rates. These units can also adjust sleeping functions flexibly. Sleeping functions optimized by smart air conditioners with wearable devices can reduce energy consumption. Moreover, benefits of error diagnosis, preventive maintenance, and reduced carbon footprint offered by smart air conditioners are expected to augment sales during the forecast period.
In February 2020, Panasonic India, which is a diversified technology company, announced the launch of a new range of connected air conditioners in India. This new product was launched under the company's Artificial Intelligence (AI) enabled MirAIe IoT platform for connected living. These connected air conditioners can combat air pollution with Nanoe-G technology with dust sensor and offer customized sleep profile temperature setting for ideal comfort at all times. The connected living platform – MirAIe allows consumers to connect all appliances of Panasonic at one place through MirAIe App available on Android and iOS platforms. Panasonic connected air conditioners are high on durability and quality and offer protection during voltage fluctuations.
Split and multi spilt segment revenue is expected to register a rapid growth rate over the forecast period. Split and multi-split air conditioners can be easily turned to smart versions by using smart AC controllers. This factor is expected to drive revenue growth of the segment in the near future.
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Online segment is expected to register a stable revenue growth over the forecast period. E-commerce platforms provide a wide range of products. These also offer multiple discounts on debit and credit cards. Prices of air conditioners can be easily compared on online platforms. These are some factors boosting sales of air conditioners on online distribution channels.
Residential segment revenue is expected to expand significantly over the forecast period as consumers are increasingly accepting air conditioners as utility products rather than just luxury products.
The market in Asia Pacific is expected to register robust revenue CAGR over the forecast period. Rising temperature and increasing presence of affluent middle class in developing countries such as India and China are driving increasing usage of air conditioners. It is expected to boost market revenue growth in the region.
Some major players in the market report include Daikin Industries, Ltd., Gree Electric Appliances Inc., Emerson Electric Co., Midea Group, Hitachi-Johnson Controls Air Conditioning, Inc., Carrier Global Corporation, LG Electronics Inc., Panasonic Corporation, Toshiba Corporation, and Haier Group Corporation.
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